At Finolex Industries Limited (FIL), we have always believed in India.

Today, India has become the focus of the world – the shining beacon of potential and positivity. The Indian growth story is not only intact, but is on a fast track as the country powers ahead as the fastest growing major economy. The Indian engine of growth is all set to continue its surge for years to come when one considers:

  • the world’s largest and youngest population - 134 Cr people with 27 years of median age

  • the world’s fastest growing employed population - 28 Cr people likely to be added to its workforce by 2050

  • one of the world’s fastest growing national income - 7% in 2016-17

  • one of the world’s highest household savings rate - 18.7% of the gross national disposable income

  • We firmly believe that we have all the right blocks in the right place to both contribute to and capitalise on this huge growth opportunity. With

  • an enviable scale and manufacturing expertise

  • seamless backward integration

  • strong balance sheet with no long-term debt

As the country gears up to add 2 Cr new houses in the next seven years, as plans unfold for 100 smart cities entailing an investment of over ₹ 50,000 Cr, and a long-term investment plan of over US$ 4.3 trillion between 2016 and 2030 in the country’s infrastructure, an unprecedented opportunity is fast unfurling.
At FIL, we call this

An opportunity called India

A brand renowned for quality and a track record of consistent performance.


Revenue growth - CAGR FY12-17


PAT growth - CAGR FY12-17


Net worth growth - CAGR FY12-17


Market capitalisation growth - CAGR FY12-17

At FIL, we are confident and convinced, prepared and poised, ready and raring, for

An opportunity called India

Message from the Chairman

I am pleased to present before you the 2016-17 annual report. This year has indeed been both interesting and eventful. The unexpected result of the UK referendum in June 2016 triggered Brexit, followed by the US Presidential election, has changed the global geo-political equation. In India, the two headline events that dominated the year were the currency demonetisation and the expected passage of the one-nation, one-tax GST bill in FY18, both of which are expected to have a positive long-term impact.


Expanding footprint

Expand distribution network in all geographies with higher focus in the northern and eastern regions.

Capacity expansion

Increase installed capacities of PVC pipes and fittings in order to capture expected increase in demand.


Follow cash-n-carry model to keep the balance sheet light.


Promote brand and quality consciousness amongst consumers.

Segment - The Bedrock of FIL’s Success


FIL manufactures a diverse range of pipes and fittings catering to the agriculture sector. These products have empowered farmers to enhance farm security by addressing their irrigation needs. During the year, we undertook several meets with farmers to educate them on the advantages of using our products. These meets were carried out during key festivals to better connect with them.

Segment - The Future of FIL’s Growth


FIL’s non-agriculture segment caters to the growing requirements of the housing, industrial and construction sectors. These products play a crucial role in creating efficient and enduring infrastructure for each of these key sectors.

We undertake regular marketing initiatives which include conducting plumber meets, promoting our products at CREDAI and Indian Plumbing Association seminars as well as organising factory visits.

Strong Value Chain

We have integrated production plants that enable us to ensure a steady supply of raw material to control the quality of our pipes and fittings. The process starts with importing the raw material Ethylene dichloride (EDC), Ethylene, Vinyl Chloride Monomer (VCM) and coal from international markets. They are stored in bulk at our plant in Ratnagiri, and used for manufacturing PVC resin. The advantage of a captive power plant is that it ensures a steady power supply and reduces the manufacturing costs. The majority of the PVC resin manufactured is transported to our PVC pipes and fittings manufacturing plants. The rest is sold in the open market. At the PVC pipes and fittings plants, numerous products are manufactured which are transported to our dealers and various warehouses around the country.

Strong Governance and Transparency - Professional Management

At FIL, we have a high regard for governance and transparency. Throughout our journey, we have adhered to all the regulatory requirements and giving out necessary information across the public domain. We have developed a robust code of conduct that defines the responsibility and expectation from our employees.

Sharing Success - Corporate Social Responsibility

We feel business prosperity is sustainable by sharing with the needy and giving hope to people who often feel they don’t have the right to be hopeful.

PeopleMake it Happen

In a business which involves manufacturing and customer interface for brand promotion and sales, it is critical to employ the right people who have the ability to leverage market opportunities.